Nieto Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales January February March $251,000 282,800 342,600 Budgeted D.M. Purchases $35.100 40,100 46,700 Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. NIETO COMPANY Expected Collections from Customers March $ Total collections $ (b) Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March $ Total payments $ NIETO COMPANY Expected Collections from Customers March $ Payment of February credit purchases Collection of February credit sales Collection of January credit sales March cash purchases February cash sales Collection of March credit sales January cash sales March cash sales Payment of March credit purchases $